3 July 2023
Gold prices surged on Monday as weaker economic readings led to a retreat in the dollar and yields, creating doubts about the Federal Reserve’s hawkish policy outlook. Spot gold rose by 0.3% to $1,925.16 per ounce, while U.S. gold futures gained 0.2% to $1,933.30. The wider spread between the 2-year and 10-year U.S. Treasury note yields raised concerns about a potential recession. Lower interest rates and a decline in the dollar further boosted gold’s appeal. Market analysts projected a trading range of $1,900 to $1,930 before the release of the Fed’s meeting minutes. Other precious metals also experienced positive gains.